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Increasing life insurance policies
Life policies which have a fixed benefit will over a period of time devalue as the effect of inflation kicks in. To combat this life offices have been offering more and more policies which provide provisions to increase the sum insured.
There are three basic types of provision.
- An option to increase the benefit level without the need to provide new evidence of health. Such options are usually allowed every so many years, such as every three years or every five years. The insurer limits the maximum benefit levels of these options and often they can only be taken whilst the life insured is under a certain age limit. These options attract the insurers current premium rates for that benefit based on the life insured’s age. These options can also be tied to set events rather than every so many years. For instance on marriage of the life insured, birth of a child or job promotion.
- Automatic increases in benefit are pre set in the policy. Premiums normally increase by the same percentage.
- Index linked increases in benefits. Usually tied to the retail price index. The premium increases proportionately. Once benefits start to be paid index may stop or may continue depending on how the policy is worded. This method has the advantage of more closely following inflation.
Unit linked life insurance policies
Some lie offices offer unit liked income protection insurance polices. These are non qualifying life insurance policies. After an initial non allocation period the premiums purchase units in the selected fund. Each month the appropriate numbers of units are cancelled in order to pay for that months cover. The policy is reviewed after five years to see if the unit values and growth is sufficient to cover future cost assumptions. If the units have over performed then there would be a cash value built up which could be used as a surrender value. Some offices will pay out the unit value on death before expiry.
Some offices offer a no claims bonus at expiry.
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Group Income Protection Insurance and Critical Illness Cover